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- Jan 2021
We have thus an example in which the hand behind the invisible hand is visible, in line, therefore, with Mittermaier’s presentation of the pragmatic view in which humans deliberately decide upon an institutional framework within which an invisible hand is supposed to operate. If, however, we were to argue that the appropriate institutional arrangements would have emerged of their own accord, in other words without such planning, Mittermaier would classify us among the ranks of the dogmatic free marketeers. For a dogmatic free marketeer, the hand behind the invisible hand is also invisible.
The difference behind a pragmatic and dogmatic free market - in a pragmatic market - the hand behind the invisible hand is visible, whereas in a dogmatic market - the hand behind the invisible hand is also invisible.